Researchers worked with IPA to study the impacts of the expansion of a mobile money agent network in Kenya over a period of six years. This study estimates that access to the mobile money system lifted 194,000 households, or 2% of Kenyan households, out of poverty. The impacts were more pronounced for female-headed households.

Borrowers were given the opportunity to finance a business asset worth four times their previous borrowing limit using a hire-purchase contract. Access to the asset-based loan resulted in larger businesses, higher business profits, and increases in household consumption, particularly on food and children’s education.

Digital technologies enable new financial products to reach historically unbanked populations, increasing financial access but also raising questions as to their broader social and economic impact. In Nigeria, researchers are working with a digital financial service provider who provided loans to applicants to assess how access to digital loans impacts the welfare of borrowers.